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POSB rolls out pilot Video Teller Machines scheme

Singapore's oldest bank, POSB, is introducing the pilot of Video Teller Machines (VTMs) - the first of its kind here - which will soon be able to provide round-the-clock branch banking services to customers, with the option of "face-to-face" assistance from bank tellers via live-video streaming.

PHOTO: SPH

SINGAPORE'S oldest bank, POSB, is introducing the pilot of Video Teller Machines (VTMs) - the first of its kind here - which will soon be able to provide round-the-clock branch banking services to customers, with the option of "face-to-face" assistance from bank tellers via live-video streaming.

Besides providing services such as balance enquiries, change of particulars and statement requests, the POSB VTMs will be also able to dispense Internet banking security tokens as well as debit cards instantly, said local lender DBS on Tuesday.

POSB VTMs are presently in pilot stage, with the first one situated at POSB ITE College Central branch at 2 Ang Mo Kio Drive, where selected functions, including Internet banking token replacement, are currently available.

More POSB VTMs will be progressively introduced to selected branches and the machines are expected to run with their full capabilities and be made available round-the-clock by the end of the year.

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To use the POSB VTMs, customers will need to have valid ID such as their identity card or passport, or ATM card for verification. POSB VTMs will also provide the option of biometric fingervein scanning for verification if required.

POSB VTMs are expected to complement the wide array of existing services provided by the bank, without necessarily requiring more branch space or increase in manpower.

Said Jeremy Soo, managing director and head of consumer banking group (Singapore), DBS Bank: "We see the POSB Video Teller Machines as a game-changer for the industry, in terms of delivering round-the-clock branch banking services to our customers. Customers who urgently need to have their Internet banking tokens or debit cards replaced after branch banking hours, will soon be able to go to POSB VTMs to have their token or card dispensed instantly to them, after verification."

The bank said it receives some 45,000 requests per month for replacement debit or ATM cards, and 7,500 requests per month for replacement Internet banking tokens - mostly as a result of misplacement.